Brent falls below key 2024 support – Societe Generale

FXStreet Insights Team FXStreet

Brent crude has extended its decline after breaching key support levels from earlier in 2024. While momentum indicators suggest the move is stretched, signs of a significant rebound remain elusive, Societe Generale's FX analysts report.

Rebound hurdles lie near $68 zone

"Brent has experienced an extended down move after break below crucial levels of $68.10/68.70 representing troughs of 2024 and March. Daily MACD is registering multi-month lows denoting a stretched decline, however signals of a meaningful bounce are not yet visible."

"Next projections are located at $57.80 and $54. If a short-term rebound develops, graphical levels of $68.10/68.70 could be an important hurdle."

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FXStreet Insights Team

FXStreet

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